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Sunday, 4 June 2017

Over 100 economists want you to stop believing in Tory economic fairy stories

Over 100 noted economists have written a letter saying that Britain needs a change of direction away from seven years of ruinous Tory austerity dogma, and towards an the investment based recovery strategy detailed in the Labour Party manifesto.The pro-Tory mainstream press march in lockstep with the Tories, promoting the Orwellian propaganda narrative that the Tories are the party of economic competence.

Anyway, here's the letter that over 100 economics experts (including the fantastic Steve Keen and Ha-Joon Chang) have signed in support of Labour's investment-based recovery strategy:

On 8 June, voters will go to the polls for perhaps the most important UK general election since 1945. The importance arises in great part from profound differences in economic policy, reflecting different views of the nature and health of the British economy.The Conservative manifesto calls for continued austerity, which will tend to slow the economy at a crucial juncture, against the backdrop of Brexit negotiations.

Their spending cuts have hurt the most vulnerable and failed to achieve their intended debt and deficit reduction targets.In contrast, Labour’s manifesto proposals are much better designed to strengthen and develop the economy and ensure that its benefits are more fairly shared and sustainable, as well as being fiscally responsible and based on sound estimations.We point to the proposed increases in investment in the future of the UK and its people, labour market policies geared to decrease inequality and to protect the lower paid and those in insecure work, and fair and progressive changes in taxation.There is no future for the UK in a race to the bottom, which would only serve to increase social and economic inequality and further damage our social fabric. On the contrary, the UK urgently needs a government committed, as is Labour, to building an economy that really works "for the many, and not only the few".

Dr Adotey Bing-Pappoe, lecturer in economics

Alan Freeman (personal capacity)

Alfredo Saad Filho, Professor of Political Economy, SOAS University of London

Andrew Cumbers, Professor of Regional Political Economy, University of Glasgow

Andrew Simms, author of The New Economics, co-director New Weather Institute